ID Finance has surged past its 2.3 million euros Crowdfunding target on Crowdcube

ID Finance
  • ID Finance raises 2 millions within a week on Crowdcube

ID Finance, a fintech company operating in Europe and Latin America, has raised a campaign going live on Crowdcube and has secured 2 million euros within a week to the moment.

The data science, credit scoring and digital finance company has surged past its 2.3 million euros crowdfunding target on Crowdcube and is now overfunding with 2.7 million euros raised from over 700 investors.

ID Finance uses machine learning and advanced data science techniques in roder to provide competitive financial services to the underbanked, so as to help customers to build their credit profile. Therefore, anyone with a smartphome can apply online for a loan through its “moneyman” and “plazo brands”, regardless of their credit history. “The process is fast, transparent and hassle-free”, have said ID Finance founders.

According to Boris Batin, CEO and co-founder at ID Finance,“We have industry-leading technology, a financially prudent business model and a well established international team ready to scale in some of the most exciting markets for fintech”.

The company has enjoyed rapid growth and now has over 3 million users, with over 40,000 new users joining each week. It is on track to double revenues this year to 90 million euros – up from 13 million euros in 2017 – and is targeting  267 million euros of revenue by 2021.

For that reason, Luke Lank, co-founder and CMO at ID Finance, has pointed out that they are not at all surprise, “by the high level of investor interest. Because ID Finance has proven track record and operates in the dynamic Spanish and Latin American markets for fintech, a sector that is attracting huge interest with investors coming to Crowdcube”.

ID Finance operates a financially prudent business model. Its operations in Spain are profitable after three years and it is aiming for break-even in the short term. The company was recently selected by Euronext, owner of the Paris Stock Exchange, for its IPO program. The TechShare program is designed for technology companies and helps to prepare them for potential entry into the stock exchange.